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How to open and move money into a junior cash ISA
patchyX2
Posts: 131 Forumite
Potential stupid question incoming....
A few years ago I opened a Santander 123 Mini (In Trust) account for both of my kids. The interest offered on the account isn't great, so I'm looking to move the money into a Junior cash ISA so it can earn more interest, and so I don't have to worry about paying tax on the savings.
How do I go about moving the money from this account to a new cash ISA? Do I just open the cash ISA, then essentially perform a bank transfer from their Santander accounts into the new account?
A few years ago I opened a Santander 123 Mini (In Trust) account for both of my kids. The interest offered on the account isn't great, so I'm looking to move the money into a Junior cash ISA so it can earn more interest, and so I don't have to worry about paying tax on the savings.
How do I go about moving the money from this account to a new cash ISA? Do I just open the cash ISA, then essentially perform a bank transfer from their Santander accounts into the new account?
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Comments
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Deposit instructions will vary from one provider to another but yes, you open the JISAs and then fund them from the existing accounts, subject to the annual JISA contribution limit of £9K.0
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With most of them just like any other account. Sort code, account number and some will have a reference numberI consider myself to be a male feminist. Is that allowed?0
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